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Shane M asked:
We live in Missouri, in the US, and purchased our first home for $43,000 in 1997. It was our primary residence for 3 years, during which we refinanced the mortgage for $50,000. After 3 years we turned it into a rental property and again refinanced as an investment property, this time for $60,000. After putting just over $20,000 in improvements into the property this year and last year we recently sold it for $78,000. My question is, are the capital gains taxes based on the original purchase price 10 years ago or on the amount of the mortgage we just paid off when we sold it?
We live in Missouri, in the US, and purchased our first home for $43,000 in 1997. It was our primary residence for 3 years, during which we refinanced the mortgage for $50,000. After 3 years we turned it into a rental property and again refinanced as an investment property, this time for $60,000. After putting just over $20,000 in improvements into the property this year and last year we recently sold it for $78,000. My question is, are the capital gains taxes based on the original purchase price 10 years ago or on the amount of the mortgage we just paid off when we sold it?
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